The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Arch Capital Group Ltd COM G0450A105 225,549 5,792,222 SH   SOLE   5,770,170 0 22,052
Autozone Inc. COM 053332102 217,140 145,515 SH   SOLE   144,856 0 659
Cummins Inc COM 231021106 211,307 866,688 SH   SOLE   863,507 0 3,181
Expeditors International of Washington COM 302130109 169,149 1,336,089 SH   SOLE   1,329,860 0 6,229
Fastenal Co COM 311900104 84,860 1,631,920 SH   SOLE   1,624,403 0 7,517
Goldman Sachs Group Inc COM 38141G104 270,077 711,609 SH   SOLE   708,927 0 2,682
Mastercard Inc Class A COM 57636Q104 168,421 461,313 SH   SOLE   458,901 0 2,412
Moody's Corp. COM 615369105 229,234 632,596 SH   SOLE   629,641 0 2,955
NVR Inc COM 62944T105 74,982 15,077 SH   SOLE   14,996 0 81
O'Reilly Automotive Inc COM 67103H107 141,034 249,084 SH   SOLE   247,952 0 1,132
Progressive Corp COM 743315103 46,155 469,966 SH   SOLE   468,858 0 1,108
Ross Stores Inc COM 778296103 172,142 1,388,241 SH   SOLE   1,382,658 0 5,583
Strategic Education Inc COM 86272C103 112,615 1,480,603 SH   SOLE   1,475,323 0 5,280
TJX Companies Inc COM 872540109 26,497 393,017 SH   SOLE   392,308 0 709
Union Pacific Corporation COM 907818108 76,467 347,687 SH   SOLE   345,908 0 1,779
Visa Inc Cl A COM 92826C839 179,760 768,795 SH   SOLE   765,903 0 2,892
Waters Corp COM 941848103 20,237 58,555 SH   SOLE   58,029 0 526